Problems Fueling Up On $HODLC Related To High Gas Fees? EOS ‘Moons’ HODLCommunity!
In spite of this year’s robust boom in cryptocurrency and the broadening use of blockchain technology, most platforms are still fraught with high transaction fees, limited computational power, and a lack of scalability that makes them unsuitable for widespread adoption.
EOS is innovative in the world of blockchain, as they have sought to address many of the issues impeding other platforms.
One of the barriers to the efficiency of a globally implemented blockchain is scalability. Scalability is the network’s capacity to handle an increasing number of users and transactions. Most networks are not scalable and, as a result, become congested and slow with exorbitant transaction fees.
Yet this is not the only problem that haunts most platforms right now; latency, the time to send an Action (or transaction) from one account and receive a response (or a confirmation of acceptance), has been a perplexing problem for blockchain developers.
EOS’s working solution actuates parallel transaction processing while keeping a limited number of block producers. This is a strategy by which the information on the chain is grouped together and distributed to increase speed and efficiency.
Parallel performance enables EOS to divide the workload of large scale applications across many CPUs. This strategy allowed the network to reach nearly 4,000 transactions per second (tps) within the first two years of its launch. Tps is the number of transactions a blockchain can process in a second, which becomes extremely important as the transaction burden increases. EOS eclipses the competition. To put it in perspective, Bitcoin is only capable of around 7, and Ethereum, 30. To be fair, Ethereum 2.0 is said to reach a tps much higher than it previously was capable of, but the upgrade is in its infancy.
To reach such an astoundingly low latency, EOS divides blocks into cycles, and cycles into shards containing a list of transactions, each with a set of Actions to be delivered. This structure is analogous to complex and efficient organic structures, like dendrites in the human brain, or a tree with its accompanying branches and foliage. With this protocol, EOS enacts the sequential and parallel processing of alternating layers of information.
Below is the sequence of how this works as it appears in the EOS White Paper:
What EOS has produced is a network with low latency and high throughput (tps, or amount of information processed in a finite period of time,) coupled with scalability to meet rising demand. This is certainly necessary for any network aspiring to become an efficient and effective global blockchain, but this is not the only innovation that sets EOS apart.
Recognizing that an important feature of any blockchain’s security and efficiency resides in its choice of consensus algorithm, EOS employs a Delegated Proof of Stake (DPoS) mechanism that provides a more productive and significantly more democratic system than the all too familiar yet flawed Proof of Work and Proof of Stake algorithms.
With this algorithm, token holders on a blockchain implementing EOS software can vote for block producers and have the opportunity to produce blocks themselves. The only caveat for block producers is the requirement to persuade token holders to vote for them, and if they do not produce, they are eliminated from consideration.
The EOS.IO software enables block production to be executed in 0.5 seconds with no exception. One producer is assigned to produce a given block and, if they fail to do so, another producer will. This unique ecosystem is cultivated by the interplay of token holders and selected producers and ensures an efficient network by penalizing unreliable producers.
DPoS blockchains incorporate 100% producer participation. In a mere 0.25 seconds from the time of broadcast a transaction can be confirmed with 99.9% certainty. Yet, EOS adds another unique feature to solidify lightning-fast irreversibility.
Irreversibility is the quality in a blockchain record to solidify and make unchangeable a transaction that has occured. In less than a second, EOS achieves 100% confirmation of irreversibility with a unique algorithm known as asynchronous Byzantine Fault Tolerance (aBFT).
With the technical sophistication and computational power EOS brings to blockchain comes an unparalleled capacity to smoothly run distributed applications (dAPPS). dAPPS are applications that store data through distributed ledgers instead of a local device. The intrinsic advantage of a dAPP on an optimal distributed network is that one is liberated from limitations on data storage.
Many developers have already launched dAPPS on EOS. There are blockchain-based games like EOSKnights that utilize smart contracts to execute in-game actions. There are advertising dAPPS like PRA CandyBox, which allows users to collect tokens over a set period of time. Even gambling is not without dAPPS, as Hold’Em PokerKing provides professional poker play with the airtight security of the EOS network.
A recent and ingenious dAPP was built by the HODLCommunity, a highly innovative project seeking to cultivate a stable and deflationary crypto asset that makes saving capital financially rewarding once again.
With the value EOS brings to blockchain, it is no wonder a cutting-edge project like HODLCommunity would utilize their network. HODLCommunity, although ledger-agnostic and capable of migrating to virtually any network, has chosen EOS as a second platform.
HODLCommunity has spearheaded the idea of a meta-asset with HODLC, their native token. This asset maintains the integrity of its own infrastructure and value while existing on multiple distributed networks. What sets HODLC apart from other cryptocurrencies is its innate stability coupled with a gradual and immutable increase in value.
By utilizing algorithmic and economic principles HODLCommunity was able to mint an asset that will not be subject to the same perilous volatility intrinsic to most cryptocurrencies. HODLC also avoids the invariant valuation generally associated with stablecoins.
This marriage between stability and an unfalteringly positive ROI places HODLC rather highly among other cryptocurrencies in terms of utility. By the recent expansion to the EOS network , we can look ahead with excitement for HODLCommunity and their part in helping to realize a dream of compassionate capitalism worldwide.
What to do next?
- Join the amazing 24/7 $HODLCommunity in Telegram.
- Celebrate that $HODLC LIVE action by finding out more and supporting our new family over at EOS, ASAP! lol!
- Hurry! SAVE now by downloading a Scatter and/or an Anchor wallet today.
- To win the race: Fuel up on some $HODLT/C on either EOS or ETH by visiting the HODLdex site and connecting your wallet.
We want savings to be easy- please reach out to an admin in our telegram channel for any questions or assistance you may need. We respond within a few hours, max. Thank you so much!
Authored by John Ryan
John Ryan is an independent writer and an avid enthusiast of blockchain technology. He received his University education at Northern Michigan University, as a history major, where he was inducted into the Phi Beta Kappa Society for academic excellence. While in Michigan, he also trained as an athlete at the United States Olympic Education Center, where he achieved the status of a multiple-time University All-American in Greco-Roman wrestling. He has authored several plays and a collection of poetry. Some of his major areas of interests includes: Finance, Literature, and Religious Studies.
John is available to contact via email at: email@example.com
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